Hassan Al -Sitry
The Public Authority for Social Insurance has confirmed that work in the field of actuarial studies requires scientific qualifications specialized in statistics and financial and actuarial mathematics, and it is required that workers in this field be internationally recognized academic certificates, such as the certificate of the actuary expert from international professional associations (such as the British or American Association.
The authority explained that work in the field of actuarial studies requires advanced practical experience in assessing pension systems, analyzing demographic and economic data, and using risk estimation forms associated with retirement funds.
In her response to the question of Representative Jalila Alawi, she indicated that in the journal of actuarial review granted to the Board of Directors of the General Authority for Social Insurance, it means the appointment of an expert of Actoari every three years, with the aim of examining and determining the financial position of the authority, based on Article Six of Law No. (3) of 2008 regarding the Public Authority for Social Insurance, and the reports of the actuarial review are prepared by international companies with wide experience in the field Actuarial studies are contracted in accordance with the provisions of Decree Law No. (31) of 2002 regarding the regulation of government tenders and purchases.
The actuarial review reports include an executive summary of the results of the review, an analysis of demographic and economic data, demographic and financial expectations in addition to the value of the fund’s assets and its expected development during the coming years, and reports also include setting gaps between assets and obligations, and providing the necessary recommendations and proposals that improve the fund’s financial status, as for the cost of the actuarial review, it is, it is It is determined in accordance with the offers submitted and according to the provisions of Decree Law No. (36) for the year 2002 regarding the regulation of government tenders and purchases.
